BTC: Counts best as intermediate-a of major-c of Primary C close to completion. I expect intermediate-b to target the descending black trendline before wave-c take price down to ideally $1700-$1500. This is the same projection as last week, and so far price has done nothing to convince me under-wise.
NYXBT: It’s possible a ending diagonal is forming (red arrows), but there’s not enough price data to be sure this is the case. For now this index is in a bear market as price<20d<50d<200d. It continues to make lower lows and prefers to remain oversold on the daily RSI5. Positive divergence is still lacking thus expect a lower low first after a small bounce yet again. The MACD fell through support (bearish). Watch for 5500 to hold and for a bounce to the 20d from there. If it doesn’t hold 5000 is next.
GBTC: Like BTC and NYXBT also in a bear market (obviously 😉 ). Lost long term support; which may now act as resistance. The red arrows show the preferred path forward, with the intermediate-b-wave possible targeting as high as $13. Please note a few things.
- I’ve labeled the ATH as wave-C. Forex and commodities most often move in ABCs, crypto-currencies are no exception given the price action we now have. I have dropped the wave-III, IV labeling as 4th waves don’t retrace >75% of the prior 3rd wave.
- the major-c-wave Fib-extension target zone. Ideally $6.69-2.79, but yes it can go as low as 0.39… That’s the 1.618x Fib-extension. Once wave-a, and -b of wave-c are in, we can then better forecast the price target of major-c. Until then, please be aware that the long term trend is still down, and can go very low.